Four Dragons shares details of the breach

25.03.2024

As previously reported, we are conducting an investigation into the breach in collaboration with the investigative authorities of the Kyrgyz Republic and independent cybersecurity contractors.
At this point, we are ready to disclose some details of the fund movement following the breach and theft.
1. Unknown individuals stole USDT from the platform's hot wallet at the time of a significant operation.2. The entire sum in USDT was transferred to a single address.3. Subsequently, it was divided into several parts to be transferred to different addresses.

We directly contacted Tether Limited (the issuer of USDT), but their support "sabotaged the inquiries for formal reasons."

4. Meanwhile, the perpetrators began transferring funds to other cryptocurrencies. A small portion went to HTX, SWFT.pro, and others. The majority of the funds were sent to the WhiteBit exchange.

Thanks to the assistance of WhiteBit, further movement of the funds was tracked.

5. Afterward, through transit Bitcoin wallets, the funds began to be transferred to the KuCoin exchange. In one of the transactions (there are more than 60), it is evident that ultimately the main part of the funds, for which there are public traces, ended up in the KuCoin cluster addresses.

Match Systems company is involved in the incident investigation. Four Dragons has taken steps to mark the tracked funds as stolen across all major blockchain analyzers, including Coinfirm, Chainanlysis, Crystal Blockchain, and Scorechain.

KuCoin did not provide any assistance in freezing or further tracking of the funds, despite them being marked as stolen at the time of their transfer to the wallets in the KuCoin cluster. Inquiries from Four Dragons and law enforcement agencies of Kyrgyzstan were ignored.

Currently, Four Dragons continues the investigation in collaboration with the cyber police of Kyrgyzstan.

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